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and from here he says he will discuss deficit reduction, perhaps, modest changes to health care spending, so long as it is included with cushing or cutting loopholes in the tax system but that is something he says is an entirely separate debate. here we are having debate where one of the sides wants a debate and the other is trying to figure out their opening offer. that happens over the next few days. back to you. lori: the tick-tock, rich, grinding along on this. i guess no one should be surprised at this point. tracy: yeah, really. for more on the debt debate, will house republicans decide to use the debt ceiling as leverage for spending cuts? we have to bring in gerry seib, "wall street journal" washington bureau chief. gerry, i'm glad you're here. you know what is going on. where are the gop as far as the debt ceiling goes? >> i wish i knew. and i would be happy to tell you if i did but i think there's a choice to be made here. i think they're coming up on a discussion point as you mentioned. retreat later this weekend maybe they will have to decide what the strategy is here. i thin
and from here he says he will discuss deficit reduction, perhaps, modest changes to health care spending, so long as it is included with cushing or cutting loopholes in the tax system but that is something he says is an entirely separate debate. here we are having debate where one of the sides wants a debate and the other is trying to figure out their opening offer. that happens over the next few days. back to you. lori: the tick-tock, rich, grinding along on this. i guess no one should be...
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if the issue is deficit reduction, getting our deficits sustainable, over time, getting our debt in a sustainable place, then, democrats and republicans in congress will have a partner with me. we can achieve that, and we can achieve it fairly quickly. i mean we know what the numbers are. we know what needs to be done. we know what a balanced approach would take and we've already done probably more than half of the deficit reduction we need to stabilize the debt and the deficit. there's probably been more pain and drama in getting there than we needed. and so finishing the job shouldn't be that difficult. if everybody comes to the conversation with an open mind, and if we recognize that there's some things like not paying our bills that should be out of bounds. i'm going to take one last question. jackie. >> i'd like to ask you, now that you've reached the end of your first term, starting your second, about a couple of criticisms. one that's longstanding, another more recent. the long-standing one seems to have become a truism of sorts that you and your staff are too insular, that you
if the issue is deficit reduction, getting our deficits sustainable, over time, getting our debt in a sustainable place, then, democrats and republicans in congress will have a partner with me. we can achieve that, and we can achieve it fairly quickly. i mean we know what the numbers are. we know what needs to be done. we know what a balanced approach would take and we've already done probably more than half of the deficit reduction we need to stabilize the debt and the deficit. there's...
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Jan 14, 2013
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governor brown in the state of the states last week said, look, we're finished with the deficit. we're okay. we're in the black, actually. that's what he said. >> well, yes, if you look at the actual numbers behind that, part of eliminating that budget deficit meant pushing off payments towards bond obligation. they took a couple billion off the back end there, and what's interesting, it's easy to claim there's a budget surplus with $6 billion more of the taxpayers money thanks to prop 30, but hidden in the funding means that the governor's now going to back fill pension payments and salaries to stateupon work ores, and that was not part of the promise. >> that's interesting. this prop 30 raised taxes that was in the november election, and it was back dated to january. they are going to bring in an extra $6 million, and mark, you say some of the extra revenue goes towards paying state worker pensions opposed to reinvigorated the health service or the education system; right? >> yes. it also goes towards eliminating a few of the furlough fridays that schwarzenegger posted trying t
governor brown in the state of the states last week said, look, we're finished with the deficit. we're okay. we're in the black, actually. that's what he said. >> well, yes, if you look at the actual numbers behind that, part of eliminating that budget deficit meant pushing off payments towards bond obligation. they took a couple billion off the back end there, and what's interesting, it's easy to claim there's a budget surplus with $6 billion more of the taxpayers money thanks to prop...
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the always colorful senator alan simpson is with us, no bigger advocate of getting america's debt and deficit under control, but does he think the debt ceiling is the leverage that republicans should use to get that done? he'll join us exclusively, and i know you're going to ask him about that. >> absolutely. >> let's check out the action on the street right here. here's how things are shaping up with less than an hour to go. the dow jones industrial average hitting basically at the highs of the day. had been down around 60 points earlier. talking about a gain of 20 points on the blue chip average. fractional move at 13,527. nasdaq chart pattern looks similar. take a look though it's negative. down about nine points on the nasdaq, a quarter points lower and the s&p 500 looks like this. similar chart pattern as the dow up a fraction on the standard & poor's but still that's the high of the afternoon. let's get more on the markets in today's "closing bell" exchange by hank smith and steve from comcast funds and our own rick santelli. >> hello. >> good to see you guys. >> thank you so much for j
the always colorful senator alan simpson is with us, no bigger advocate of getting america's debt and deficit under control, but does he think the debt ceiling is the leverage that republicans should use to get that done? he'll join us exclusively, and i know you're going to ask him about that. >> absolutely. >> let's check out the action on the street right here. here's how things are shaping up with less than an hour to go. the dow jones industrial average hitting basically at the...
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Jan 17, 2013
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it will reduce the deficit. obama care has brought the number of uninsured americans to the lowest level since 2008. however, the law would be fully implemented until 2014. it would put pressure on all insurers to lower their premiums in order to compete. it would also provide immediate relief to small businesses and the federal government and all parts of the economy. for example, former defense secretary robert gates has warned the rising -- he has warned of rising military costs for years. >> sharply rising health care costs are consuming an ever-larger share of this department. growing from 19 billion 234 in . >> military health care costs have gone up 300% in the past decade. 2012 was the first year since 1995 military personnel saw an increase in health care premiums. now, there are two things republicans love. the military and reducing the deficit. republican should be thrilled with the public option. how can you make a hundred billion dollar mistake? who's doing the math? will it save or won't it save? l
it will reduce the deficit. obama care has brought the number of uninsured americans to the lowest level since 2008. however, the law would be fully implemented until 2014. it would put pressure on all insurers to lower their premiums in order to compete. it would also provide immediate relief to small businesses and the federal government and all parts of the economy. for example, former defense secretary robert gates has warned the rising -- he has warned of rising military costs for years....
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melissa: we're adding trillions every year to our deficit. what do you think, stephen, does that get us there? >> 1.2 trillion is this year's deficit. that doesn't solve the long-term problem. the thing we haven't had from this president in my view is serious proposal for structural entitlement reform on the order of something like the ryan budget that republicans offered. took a lot of grief for. something that would change the trajectory of our debt. things we've had from this president wouldn't do that. they might take a chunk here, take a chunk there but they don't change the overall debt picture and certainly don't change the trajectory. melissa: stephen, susan, stick around. we have a lot more on the other side of this break. like ben bernanke saying time to ditch the debt ceiling all together. is it as silly as he says it is? we'll debate that. more "money" ahead what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money
melissa: we're adding trillions every year to our deficit. what do you think, stephen, does that get us there? >> 1.2 trillion is this year's deficit. that doesn't solve the long-term problem. the thing we haven't had from this president in my view is serious proposal for structural entitlement reform on the order of something like the ryan budget that republicans offered. took a lot of grief for. something that would change the trajectory of our debt. things we've had from this president...
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and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills is irresponsible. it's absurd. >> the country defaults on its debt, republicans will take the blame for the damage, as president obama pointed out, the country is required by law to pay for what congress spends. >> congress authorizes spending. they order me to spend. they tell me you need to fund our defense department at such and such a level. you need to send out social security checks. you need to make sure that your paying to care for our veterans. they lay all this out for me. and because they have the spending power. and so i am required by law to go ahead and pay these bills. >> many republicans are willing to just let it all burn to the ground. politico reported more and morehouse republicans are planning to damage the economy. gop officials said more than half of their members are prepared to allow default unless president obama agrees to dramatic cuts. he has repeatedly sai
and ironically, would probably increase our deficit. so to even entertain the idea of this happening, of the united states of america not paying its bills is irresponsible. it's absurd. >> the country defaults on its debt, republicans will take the blame for the damage, as president obama pointed out, the country is required by law to pay for what congress spends. >> congress authorizes spending. they order me to spend. they tell me you need to fund our defense department at such...
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Jan 15, 2013
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it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effective way to improve your credit rating. >> the metaphors, jim, whether it's a family not paying the credit card bills, the president saying it's like dining and dashing at a restaurant, the only thing is we've got two weeks of respite and then we're off to the races again. >> after the civil war, there was tremendous partisanship in this country. a tumultuous time. the level of bipartisanship. there's such hatred that you can't get in a room. it never seems like obama gets in the room. biden got in the room beforehand. but look, everybody hates each other down there. it's exactly the opposite of what you would expect from a respected nation. it makes us look mickey mouse. i don't blame fitch. look, we have to pay bills, the constitution says it, but everybody doesn't seem to care much about the
it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effective way to improve your credit rating. >> the metaphors, jim, whether it's a family not paying the credit card bills, the president saying it's like dining and dashing at a restaurant, the only thing is we've got two weeks of respite...
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Jan 14, 2013
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ironically, it added to the deficit. it should not be surprising given all this talk that the american people think washington is hurting rather than helping the country at the moment. they overwhelmingly want us to create more jobs. let's finish this debate. the certainty that our economy and reputation are still second to none. america has a lot to do. we have to boost the wages of those who have -- we have to give our children the best education possible and we have to do everything we can to protect them from gun violence. let me say i am grateful to vice president biden for his work on this issue of gun violence and for his proposals which i will be reviewing today and i will address the next few days. i intend to vigorously pursue. with that, i will take some questions and i will start with julie of a piece and i want to congratulate julie for this new and important job. >> i wanted to ask about gun violence. today marks the one-month anniversary of the shooting in newtown which seem to push the assault weapon ban.
ironically, it added to the deficit. it should not be surprising given all this talk that the american people think washington is hurting rather than helping the country at the moment. they overwhelmingly want us to create more jobs. let's finish this debate. the certainty that our economy and reputation are still second to none. america has a lot to do. we have to boost the wages of those who have -- we have to give our children the best education possible and we have to do everything we can...
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if the issue is deficit reduction, getting our deficits sustainable over time, getting our debt in a sustainable place, then democrats and republicans in congress will have a partner with me. we can achieve that and we can achieve it fairly quickly. we know what the numbers are, we know what needs to be done. we know what a balanced approach would take, and we've already done probably more than half of the deficit reduction we need to stabilize the debt and the deficit. there's probably been more pain and drama in getting there than we needed. and so finishing the job shouldn't be that difficult, if everybody comes to the conversation with an open mind and if there's some things like paying our bills should not be out of bounds. i'll take one last question. >> mr. president, i would like to ask you, now that you've reached the end of your first term, starting your second, about a couple of criticisms. one that's long-standing, another more recent. the long-standing one seems to become a truism of sorts, that you and your staff are too insular, that you don't socialize enough. and the
if the issue is deficit reduction, getting our deficits sustainable over time, getting our debt in a sustainable place, then democrats and republicans in congress will have a partner with me. we can achieve that and we can achieve it fairly quickly. we know what the numbers are, we know what needs to be done. we know what a balanced approach would take, and we've already done probably more than half of the deficit reduction we need to stabilize the debt and the deficit. there's probably been...
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fiscal cliff, deficit, every single issue. the president's bills never go on the floor of the senate. there are bills that mcconnell agrees to before they reach the floor. because otherwise they can't proceed. one of these reforms that senator merkley talked about is just no more motion to proceed. the majority leader can put a bill on the floor. this is out of control. >> now, let me show you your union's advertising campaign against the filibuster. and let me just show you that first. then i want to ask a question. >> as climate change threatens the world we leave to our children and good u.s. jobs move overseas, time in the senate ticks by. it keeps ticking by with no results. because the system is broken. but we can fix it. and make the senate work for us again. >> people are stunned when they find out it was not majority vote. that one senator can just stop the process. is it your hope and the hope of cwa that when you do ads like this that the public will put pressure on their senators to reform this and just make it fai
fiscal cliff, deficit, every single issue. the president's bills never go on the floor of the senate. there are bills that mcconnell agrees to before they reach the floor. because otherwise they can't proceed. one of these reforms that senator merkley talked about is just no more motion to proceed. the majority leader can put a bill on the floor. this is out of control. >> now, let me show you your union's advertising campaign against the filibuster. and let me just show you that first....
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the same time enact, let's say simpson-bowles ii, something that will take a very big bite out of the deficit over ten years. what's the reason for the stimulus today? to get the economy growing faster. >> would you be one? >> unlike the congress, the fed has done quite a lot and there isn't very much more the fed could do. i would certainly be with chairman bernanke. i was happy when they switched over, which is likely to have a bigger impact on the economy. the other thing i've been urging on the fed but they're not doing it is cut the interest rates by holding idle excess reserves in the hope that some of that will go into the economy. >> we have to leave it there, but thank you very much for your thoughts today. let's bring in don peebles of the peebles corporate. don, great to have you on the set today. >> good to be here. >> how does it play out? >> in the end it's a lot of drama about a profungtsry performance. the government needs to stand behind its credit. that's one of the benefits as a government, we get low rates because our credit is good. it's a shame we're spejd all this time.
the same time enact, let's say simpson-bowles ii, something that will take a very big bite out of the deficit over ten years. what's the reason for the stimulus today? to get the economy growing faster. >> would you be one? >> unlike the congress, the fed has done quite a lot and there isn't very much more the fed could do. i would certainly be with chairman bernanke. i was happy when they switched over, which is likely to have a bigger impact on the economy. the other thing i've...
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Jan 16, 2013
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fitch a riley, fundamental credit strengths are eroded by large studily declining structure budget deficit, and high and rising public debt. what fitch is not saying, but almost screaming is, the washington sons of fitches are doing not about it, they screamed it. after the cliff, get ready for the crash. i'm not surprised we could still be cut. i'm surprised that fitch has not already done so, john campbell said that triple a rated countries do not we behave this way. i'm surprised it has not already happened. what do you think? >> i know, i just, you know there isal this talk if we get into a big fight over trying to reduce entitlements and making a long-term solution to this, that fitch or some rating agencies may cut our credit rating at this point. if that is what they are doing, they have it backwards. what they should do is they should look at reducing our credit rating, if we don't -- if we don't make some significant change in long temp problem, otherwise we'll surpass italy, and greece and spain and japan. that is what hey should be talking about. not just about this fight we're
fitch a riley, fundamental credit strengths are eroded by large studily declining structure budget deficit, and high and rising public debt. what fitch is not saying, but almost screaming is, the washington sons of fitches are doing not about it, they screamed it. after the cliff, get ready for the crash. i'm not surprised we could still be cut. i'm surprised that fitch has not already done so, john campbell said that triple a rated countries do not we behave this way. i'm surprised it has not...
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one that would reduce our deficits by $4 trillion over the next decade. which would stabilize our debt, and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable. so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research, all the things that help us grow. step by step, we've made progress towards that goal. over the past two years i've signed into law about $1.4 trillion in spending cuts. two weeks ago i signed into law more than $600 billion in new revenue. by making sure the wealthiest americans begin to pay their fair share. when you add the money that we'll save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two years. not counting the $400 billion already saved from winding down the wars in iraq and afghanistan. so we've made progress. we are moving towards our ultimate g
one that would reduce our deficits by $4 trillion over the next decade. which would stabilize our debt, and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable. so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research, all the things that help us grow. step by step, we've made progress towards...
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if they're so into cutting the deficit and they think spend issing the problem, show it off. let's see what you got. they don't want to do it. >> what i don't understand about this is why if you believe that ultimately they're going to have to cave, why don't we just let them cave? why do we need to create all of these other sort of -- as i said wack-a-do arrangements so this can happen? >> it's all leverage, right? if the sequester, that deal is not great for the republicans or that battle is not great for them because that disproportionately hurts republican industries, which is to say the defense industry, which is not to say that there aren't plenty of democrats whose bread is not being buttered by defense contractors, but if you look down at the breakdown of sequester cuts, defense gets hit with $55 billion in cuts, but they are much more severe, and as dave wood from the huffington post has said, it's like taking a meat clever to the defense industry. the nondefense cuts, 55 billion, same amount, but social security, retirement, veterans medicaid, snap, food stamps and
if they're so into cutting the deficit and they think spend issing the problem, show it off. let's see what you got. they don't want to do it. >> what i don't understand about this is why if you believe that ultimately they're going to have to cave, why don't we just let them cave? why do we need to create all of these other sort of -- as i said wack-a-do arrangements so this can happen? >> it's all leverage, right? if the sequester, that deal is not great for the republicans or...
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Jan 18, 2013
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that's $1.3 trillion deficit. you know, if the republicans want to save their house majority, they'd better cut spending like there's no tomorrow. we'll have a little debate on our budget priorities next up. almost tastes like one of jack's cereals. fiber one. uh, forgot jack's cereal. [ jack ] what's for breakfast? um... try the number one! yeah, this is pretty good. [ male announcer ] over a third of aer. fiber one. >>> welcome back. >>> welcome back. house budget committee chairman paul ryan announced today that republicans are putting a short-term debt ceiling hike on the table. short-term debt ceiling hike. but here's what i'm not hearing and what we should be hearing is an unambiguous plan to splash spending now. republicans need an absolute rock solid plan to implement the sequester which is $1.2 trillion over the next ten years. this is essential. not just to unite the republican conference. but more importantly, it's essential to helping the economy grow more rapidly. and if the republicans don't get it d
that's $1.3 trillion deficit. you know, if the republicans want to save their house majority, they'd better cut spending like there's no tomorrow. we'll have a little debate on our budget priorities next up. almost tastes like one of jack's cereals. fiber one. uh, forgot jack's cereal. [ jack ] what's for breakfast? um... try the number one! yeah, this is pretty good. [ male announcer ] over a third of aer. fiber one. >>> welcome back. >>> welcome back. house budget committee...
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Jan 19, 2013
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which only will reyour trillion dollar deficit spending each year 5%, folks. so they gave them that. what does he come back with? we want more. i want more tax hikes which aren't going to do anything to calm the debt and the spending. he is not willing, and so i think back to what joe said. i think marco said this too. small business owners and large corporations can't trust the president. that's why they're sitting on top of all this cash and not hiring. that doesn't bode well. neil: marco, quickly you see nothing to dissuade you or some of your colleagues from getting off that? >> businesses are still growing, neil but they're not growing as much as they otherwise would. and that uncertainty has a very real trickle down effect. i'll use us as an example. we're building a new gio pronto restaurant right now. i would have loved to borrow the total investment from people like joe and gold coast banking. no way i'm going to do that based on uncertainty. i go borrow less than i would otherwise need. i do things like buy refurbished equipment than new. that doesn'
which only will reyour trillion dollar deficit spending each year 5%, folks. so they gave them that. what does he come back with? we want more. i want more tax hikes which aren't going to do anything to calm the debt and the spending. he is not willing, and so i think back to what joe said. i think marco said this too. small business owners and large corporations can't trust the president. that's why they're sitting on top of all this cash and not hiring. that doesn't bode well. neil: marco,...
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he doesn't care about deficits. he's not going to deal on this. >> you know, a couple of times during the news conference, i was interested in this. president obama said to congress, go ahead, give me the power and i'll issue more debt. that's really what he wants. he wants the power to issue unlimited debt so he can have unlimited spending and eventually he's going to get around to unlimited tax hikes. >> well, to be clear, as you know, when we talk about the debt, the president doesn't get to decide, you know, how much we're spending that's something that rests with congress. but in terms of what kate was saying with respect to, you know, him wanting to not really offer any cuts he's incurred the wrath of his party by offering chain cpi to social security. that's a reindexing of the cost of living index, revising down how much elderly people are getting. and he talk about potential fixes to medicare, potentially raising the age. it is not true that he's not willing to do that. i'll say there are a lot of people on
he doesn't care about deficits. he's not going to deal on this. >> you know, a couple of times during the news conference, i was interested in this. president obama said to congress, go ahead, give me the power and i'll issue more debt. that's really what he wants. he wants the power to issue unlimited debt so he can have unlimited spending and eventually he's going to get around to unlimited tax hikes. >> well, to be clear, as you know, when we talk about the debt, the president...
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Jan 19, 2013
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pressing problems or americans in this country, you know, chief among them the economy, the budget deficit for crying out loud. a dysfunctional government. in have to go to -- 4%. what in the world is going on in that town? >> not the first time there were talking about things that the rest of the country does not care about as much. interesting. this poll comes out with 71 percent of americans believing these new laws are unlikely to actually prevent future mass shootings, and then there was a washington post-abc poll earlier this week that found 55 percent of americans believe that the most effective way or one of the most effective ways to stop these things is to have armed guards and schools. much more in line with what the nra was proposing. people are skeptical of new laws, and i think they're right to be. if there are going to be new measures undertaken, they want to do things that are not what the white house is proposing right now. lou: there is a dishonesty in this initiative that i find appalling. this president reacted skeptically to the proposal by the nra to put armed guards
pressing problems or americans in this country, you know, chief among them the economy, the budget deficit for crying out loud. a dysfunctional government. in have to go to -- 4%. what in the world is going on in that town? >> not the first time there were talking about things that the rest of the country does not care about as much. interesting. this poll comes out with 71 percent of americans believing these new laws are unlikely to actually prevent future mass shootings, and then there...
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>> let me just say that the president has already sign into law about $2.4 trillion worth of deficit reduction and three-quarters of that -- >> wars we stopped fighting, already factored in. >> a bunch of that is for spending cuts. not necessarily spending cults i really -- cuts i like but spending cuts nonetheless. >> you disagree with him when he says we don't have a spending problem? >> no. i think we do have certain things we can cut in spending, but in fact right now, i think the crisis we have right now is a jobs crisis. i think it's an income inequality crisis in our country. i think there's an investment crisis. we don't talk enough, neil, about the third leg of debt reduction, which is not only spending, not only raising revenue, but growth in the economy. and you know? this debt ceiling issue is just crazy. i stand -- >> was it crazy seven years ago when your democratic colleague voted against raising it? was it crazy then? >> well, except it wasn't real and this is real. the last final -- >> real is in the eye of the beholder. >> no, no. >> i guess it's -- >> it was more -
>> let me just say that the president has already sign into law about $2.4 trillion worth of deficit reduction and three-quarters of that -- >> wars we stopped fighting, already factored in. >> a bunch of that is for spending cuts. not necessarily spending cults i really -- cuts i like but spending cuts nonetheless. >> you disagree with him when he says we don't have a spending problem? >> no. i think we do have certain things we can cut in spending, but in fact...
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so, obama's entire premise that we need a balanced approach to cutting the deficit is based on a huge fiction which is that obama's plan will cut 4 trillion during the the next decade. it will do no such thing. he's basing on a falsity, just like day one when he's been in office, distort and pr propgandize. now, republicans need to understand all of this dealing with obama. they're dealing with a man who is reckless, ruthless as any president they will ever encounter and my next guest says he has a plan that mr. bolster the republicans hand when it comes to dealing with the democrats on the issue of debt and much more. ohio senator rob portman is here. and what do you make of obama, only 2006 a vote against the debt ceiling. >> it went further than that. he said it would be unpatriotic. >> sean: that's another, i actually have that clip. you want to see it. >> sure. >> sean: let's show the videotape. >> the problem is, is that the way bush has done it over the last eight years is to take out a credit card from the bank of china in the name of our children, driving up our national debt
so, obama's entire premise that we need a balanced approach to cutting the deficit is based on a huge fiction which is that obama's plan will cut 4 trillion during the the next decade. it will do no such thing. he's basing on a falsity, just like day one when he's been in office, distort and pr propgandize. now, republicans need to understand all of this dealing with obama. they're dealing with a man who is reckless, ruthless as any president they will ever encounter and my next guest says he...
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governor jerry brown saying he will have balanced budget after years of massive deficit. but is it real? probably not, say budget expert. they say that december money was probably a one-off tied to the fiscal cliff. the wealthy taking gains in december to avoid higher tax rates in 2013. revenues from the new california tax they say won't really kick in until this quarter or later in 2013 as brad williams a california budget expert told me, quote, we suspect the added revenues were related to the federal tax changes rather than the new state tax rates. now it all shows that california is more dependent than ever on the wealthy. the top 1% of earners, remember they pay up to half of the state's total income taxes but revenues from the rich are now harder than ever to predict. back to you guys. >> thank you, robert. let's go to michelle ka brumich >> you will have a lot more cartoons available on the kid section only and also the exclusive video streamers of the new seasons of dallas. as you can see, getting a big texas more with more than 2%. back to you, tyler. >> thank yo
governor jerry brown saying he will have balanced budget after years of massive deficit. but is it real? probably not, say budget expert. they say that december money was probably a one-off tied to the fiscal cliff. the wealthy taking gains in december to avoid higher tax rates in 2013. revenues from the new california tax they say won't really kick in until this quarter or later in 2013 as brad williams a california budget expert told me, quote, we suspect the added revenues were related to...
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Jan 15, 2013
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he's said it's unrealistic to tie the debt limit to deficit reduction. he said it has been separate. that is just not accurate. >> sean: last 30 years? >> last 27 years every major reduction is start going through 1990s all three agreements. recent one, budget control act the reason we're talking about the debt limit discussion. so this is an appropriate time to raise the issue. look, he said people voted for him because they wanted to increase the debt limit. i don't think so. that is not what polling shows. it shows people want to get spending under control. >> sean: for a brief hour the obama media which did not go do a good job from my estimation woke up and challenged him. and looked angry on hypocrisy. how would you deal with the president that is very good at politics, demonizing and pushing republicans into a corner? what is the best strategy? >> well, i agree with you it's interesting. you had reporters saying wait a minute. you said just the opposite but also said the point just made a second ago which is why are you saying it's been straight a
he's said it's unrealistic to tie the debt limit to deficit reduction. he said it has been separate. that is just not accurate. >> sean: last 30 years? >> last 27 years every major reduction is start going through 1990s all three agreements. recent one, budget control act the reason we're talking about the debt limit discussion. so this is an appropriate time to raise the issue. look, he said people voted for him because they wanted to increase the debt limit. i don't think so. that...
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and ironically, would probably increase our deficit. >> reporter: and it would, the president warned, delay checks for social security and veterans' benefits. the president also said he would soon ask lawmakers to create new gun laws in the wake of the newtown massacre. he will likely seek universal background checks, limit on high-capacity magazines and a ban on assault weapons. reporting live here from the newsroom, i'm bob redell. >> bob, thank you very much. >>> after nearly two months in the hospital, former president george h.w. bush has been discharged. nbc news learning doctors at methodist hospital in houston, texas releasing the 88-year-old bush just this morning. he was admitted november 23rd for treatment of a bronchitis-related cough. in december, the nation's 41st president spent a week in the hospital's intensive care unit for treatment of a persistent fever. no word so far whether the elder bush will return to his houston home or be moved to rehabilitation center for continued medical treatment. >>> and some trouble this morning for apple. that stock down significantly
and ironically, would probably increase our deficit. >> reporter: and it would, the president warned, delay checks for social security and veterans' benefits. the president also said he would soon ask lawmakers to create new gun laws in the wake of the newtown massacre. he will likely seek universal background checks, limit on high-capacity magazines and a ban on assault weapons. reporting live here from the newsroom, i'm bob redell. >> bob, thank you very much. >>> after...
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in the abbe sense of medium term deficit reduction plan consistent with sustaining the economic recovery and restoring confidence in the long run, sustainability of the u.s. publicbe finances the current negative outlook on triple-a rating is likely to be resolved with a downgrade later this year. even if another debt ceiling crisis is averted. steve? >> of course it is. we are added to the debt at unprecedented pace. of course, the agencies that exist to provide ratings on our debt are going to tell us that we will be downgraded. you have to have a discussion in the broader context. this is why the things are different when you talk about $17 billion in this particular mulvaney amendment. it is not a ton of number. in the context of $1.2 trillion debt. but you to have the discussions about the $17 billion. it's not out of line to suggest that a 1.6%be off-set is reasonable. >> bret: i will say one thing aboutbe the debt ceiling debate quickly. president obama yesterday and then jay carney back in 2011 two different takes but the same message. >> congressional republicans refuse to pay a
in the abbe sense of medium term deficit reduction plan consistent with sustaining the economic recovery and restoring confidence in the long run, sustainability of the u.s. publicbe finances the current negative outlook on triple-a rating is likely to be resolved with a downgrade later this year. even if another debt ceiling crisis is averted. steve? >> of course it is. we are added to the debt at unprecedented pace. of course, the agencies that exist to provide ratings on our debt are...
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Jan 18, 2013
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i didn't think it went far enough with regard to deficit reduction. i didn't think it went far enough with regard to entitlements. so i was a no vote, and i walked into the house that night and the republicans were high-fiving saying they don't have the votes and the democrats were figuring out how they could switch their votes and i said wait a minute, we came in with this president in '92, it was the largest class of women, there were 21 new women, 24 democrats. and the president was on the phone, and he said what would it take? and i said a serious discussion about entitlements, further cuts, and i'll only be your last vote because there had only been two -- in the house as you know, a tie vote goes down. >> sure. >> so i said i'd only be your 218th vote and there had been two votes i knew like this in history. one for the impeachment of andrew johnson and the other one for the draft. >> so -- >> and i said -- and they needed me. but i represented the most -- >> the president needed you, correct? >> correct. >> and the president right now needs dem
i didn't think it went far enough with regard to deficit reduction. i didn't think it went far enough with regard to entitlements. so i was a no vote, and i walked into the house that night and the republicans were high-fiving saying they don't have the votes and the democrats were figuring out how they could switch their votes and i said wait a minute, we came in with this president in '92, it was the largest class of women, there were 21 new women, 24 democrats. and the president was on the...
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he's the cow author of controversial simpson/bowles deficit reduction plan. find out what he has to say now as we're edging closer and closer to that debt ceiling. >>> later, no way to get to work equals no job. a new study shows 3.5 million jobs will be lost if we don't start rebuilding america's infrastructure, today. we'll debate the high-stakes issue affecting all of us in the back half of the program. don't miss it. back in a moment. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announ
he's the cow author of controversial simpson/bowles deficit reduction plan. find out what he has to say now as we're edging closer and closer to that debt ceiling. >>> later, no way to get to work equals no job. a new study shows 3.5 million jobs will be lost if we don't start rebuilding america's infrastructure, today. we'll debate the high-stakes issue affecting all of us in the back half of the program. don't miss it. back in a moment. what are you doing? nothing. are you stealing...
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Jan 20, 2013
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the budget hasn't been balanced in multiyears and the deficit is over a trillion dollars . every man, woman and child. i had my fifth grandchild and that baby was born with $50,000 worth of debt if we were to pay it off today. every man and woman and child has that worth of debt. that is uncon69able and we have to stop kicking the can down the road and we have to solve the problem and do whatever it takes to get us back on the fiscal path again. >> i want to talk about it now you come back and see a different thing. what is the biggest difference you are seeing coming back the second time? >> we passed a lot more rules on ourselves. we reduced our budget and exact opposite is happening to our government. it is gone crazy with regulation and restriction, but the part that is most alarmming is the amount of money that we are print one day will explode. we can't continue to print money. we have fancy names for it. it is quantitative easing and it is really printing money. wrim bay way has a trillion dollar note and you buy a loaf of bread everybody is happily singing . we will
the budget hasn't been balanced in multiyears and the deficit is over a trillion dollars . every man, woman and child. i had my fifth grandchild and that baby was born with $50,000 worth of debt if we were to pay it off today. every man and woman and child has that worth of debt. that is uncon69able and we have to stop kicking the can down the road and we have to solve the problem and do whatever it takes to get us back on the fiscal path again. >> i want to talk about it now you come...
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the bigger issue is our deficits and debt. the fact that is more like thing from in the boiling water. it gradually undermines your economy's ability to perform, it hurts economic growth and takes away the stability that allows us to generate growth through investment, job creation, all the things we need to get the economy going. markets will not like to respond to that on any one day. it will hinder our economic performance. for now already hurting our standard of living and going to more in the future. that is a harder concern to see moment by moment but, it is the biggest in the long run. ashley: it is indeed. maya. thank you so much. we didn't have time to get into entitlement reform and reforming the tax code, two huge issues i know you're very hot on but remains to be seen. based on what we've seen so far in washington it will be a big, tall order. maya, thank you. tracy: coming up, speaking of the tax code, delayed tax season, well, starts two weeks from today. turbotax vice president bob meaghan is here with the bigge
the bigger issue is our deficits and debt. the fact that is more like thing from in the boiling water. it gradually undermines your economy's ability to perform, it hurts economic growth and takes away the stability that allows us to generate growth through investment, job creation, all the things we need to get the economy going. markets will not like to respond to that on any one day. it will hinder our economic performance. for now already hurting our standard of living and going to more in...
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deficit would go up. i mean, we're talking about a very punishing thing that will affect american people who had nothing to do with what they're trying to object to or deal with. >> you oo >> you're absolutely right. congress spent that money. they spent it. whether they liked it or not, they were the ones who spent it. but it's more important than that. it's what you point out. the stakes here are really high for the republican party. far be it from you to advise the republican party. but if i did, i would say stay away from shutting the government down. stay away from letting the debt ceiling not be raised because those are things that the american people will hate. they'll hate us defaulting onli blame you for it. they'll hate us shutting the government down. if you want to make a stand, make it in the sequester. the sequester has a lot of things that are painful to the democrats and the president. that's the place to plak the stand. and, look, everyone agrees, every rational person agrees with michael
deficit would go up. i mean, we're talking about a very punishing thing that will affect american people who had nothing to do with what they're trying to object to or deal with. >> you oo >> you're absolutely right. congress spent that money. they spent it. whether they liked it or not, they were the ones who spent it. but it's more important than that. it's what you point out. the stakes here are really high for the republican party. far be it from you to advise the republican...
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cutting the deficit. and oh, yeah, lowering unemployment. make no mistake about it. it's ambitious. but the president is entering his second term with a job approval among the highest since the early months of his presidency. his favorability rating has jumped nine point ins the last three months. at the very same time, the other side is fractured. destroying themselves. they're even threatening impeachment over the issue. we want all tools available to use including impeachment. >> could that build up to make a case for possible impeachment. >> all options should be on the table, undoubtly. >> and if that weren't enough, they're back. that's right, the birther brigade is stronger than ever. 64% of americans think president obama is hiding important information about his early life. 64%. no wonder the gop is going off the deep end. and no wonder the president is looking better than ever joining me now, jonathan kapart. thanks for coming on the show tonight. >> 64% is questioned about the president's early life. how do you explain that? well, look. 64% questioning the president's ear
cutting the deficit. and oh, yeah, lowering unemployment. make no mistake about it. it's ambitious. but the president is entering his second term with a job approval among the highest since the early months of his presidency. his favorability rating has jumped nine point ins the last three months. at the very same time, the other side is fractured. destroying themselves. they're even threatening impeachment over the issue. we want all tools available to use including impeachment. >> could...
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he is going to have to talk about more deficit reduction. they will do a will little partying this weekend they real lives it's right back to work, bill. >> word of a solution to prevent the united states from defaultingen its debt. the house majority leader eric cantor saying that lawmakers will vote next week on a short-term plan to let the government borrow more money effectively raising the debt ceiling. the deal not all worked out just yet. but apparently it this will not require the spending cuts that house republicans had wanted. just released fox news poll finds that 69% favor raising the debt limit only if there are major spending cuts involved. and 23% say it's reckless not to raise it regardless. the poll also shows more than 8 in 10 think government spending is out of control. only 11% believes it's being managed carefully. mike immanuel tracking developments on the hill tonight. what's behind this house republican plan. >> bill, a lot of g.o.p. frustration has been based on the fact the senate has not passed a budget. so republi
he is going to have to talk about more deficit reduction. they will do a will little partying this weekend they real lives it's right back to work, bill. >> word of a solution to prevent the united states from defaultingen its debt. the house majority leader eric cantor saying that lawmakers will vote next week on a short-term plan to let the government borrow more money effectively raising the debt ceiling. the deal not all worked out just yet. but apparently it this will not require the...
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must tackle its debt and deficit problems. that is why there must be spending decreases, something they say wasn't a part of the deal the president just signed to avert, at least some of the fiscal cliff. tracy: here we go again. if february 15th is the big day, that would mean your poor wife will probably be alone on valentine's day, rich edson. god bless you. >> there are worse things. tracy: buy her a box of chocolate. >>> with earnings season getting in full swing this week our next guest says results could provide a base for the market to move higher especially because expectations are so darn low. joining us, margie battle, wells fargo advantage funds senior portfolio manager. earnings are low but doesn't bode well for what we'll hear out of these companies, does it? >> well i think some companies have done some preannouncements where they're expecting their growth to slow down because we should have some pretty low gdp growth for the next several months because of all the uncertainty. however, most companies have high c
must tackle its debt and deficit problems. that is why there must be spending decreases, something they say wasn't a part of the deal the president just signed to avert, at least some of the fiscal cliff. tracy: here we go again. if february 15th is the big day, that would mean your poor wife will probably be alone on valentine's day, rich edson. god bless you. >> there are worse things. tracy: buy her a box of chocolate. >>> with earnings season getting in full swing this week...
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not when it comes to our nation's finances, but this trust deficit in washington. the republicans, you have the president, doing this, boom, and just how is this even going to play out over the next couple of weeks? >> well, you have the debt ceiling, which is the current fight. and what you have is confrontation, not conversation. how is it going to play out? again, the president believes he has the political high ground now and he believes he's -- he believes his position is right. that you don't want to negotiate over the debt ceiling, let's have a bigger conversation. the republicans, they control the house of representatives, they still have a decent chunk of votes, the democrats control the senate, they say no way, sir. and so you have this fight over the debt ceiling, but it is about bigger issues. the debt ceiling has nothing to do with immigration reform, nothing to do with the proposals on gun control, nothing to do with anything else the president might want to do in his second term, but guess what, it does affect the climate in washington. and the fact
not when it comes to our nation's finances, but this trust deficit in washington. the republicans, you have the president, doing this, boom, and just how is this even going to play out over the next couple of weeks? >> well, you have the debt ceiling, which is the current fight. and what you have is confrontation, not conversation. how is it going to play out? again, the president believes he has the political high ground now and he believes he's -- he believes his position is right. that...
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this issue raises all the deficit issues. it should. it really is after the fact. >> the reason we're having the problem now because they don't pass a budget. >> yes. exactly. look, they're avoiding the really tough stuff, which is dealing with long term deficits which we face today. they're much worse than what we faced in the '80s and '90s. they've got to get serious about doing the hard work that has to be done on both sides of the aisle to deal with the specifics how you get this done. >> sir, do you think the u.s. has a spending problem? >> look, we've got a deficit problem. >> is that the same thing as a spending problem or is it different? >> you've got -- look, when i was in congress and when we balanced the budget in the '90s, we were taking in roughly, these figures will be a little off, roughly, we were taking in 20% of gdp and spending 20% of gdp. that seems to me to be a fair place to come out. maybe you could put it at 18, maybe you could put it at 21 or 22. but get an agreement on that, and then go to work on both sides o
this issue raises all the deficit issues. it should. it really is after the fact. >> the reason we're having the problem now because they don't pass a budget. >> yes. exactly. look, they're avoiding the really tough stuff, which is dealing with long term deficits which we face today. they're much worse than what we faced in the '80s and '90s. they've got to get serious about doing the hard work that has to be done on both sides of the aisle to deal with the specifics how you get...
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that's the deficit. the accumulated annual deficits or shortfalls plus interest make up the national debt. that's more than $16 trillion today. the debt had run up under republican and democratic presidents and congresses. both have had opportunities to tackle it, but it's never politically palatable. president obama formed this simpson/bowles commission, headed by simpson and erskin bowles to cut the debt by $4 trillion over 10 years. critics say president obama has all but ignored it. commission co-head simpson says the growing threat poses a major threat to the u.s. economy. >> where is the tipping point? i don't know where it is, but when it comes, going to be so swift and so savage. >> reporter: obama's plan proposes $360 billion in cuts to medicaid, medicare and other health programs over the next decade. but because costs in those programs are rising fast, the debt would be $6.4 trillion higher in 10 years. the president's budget also proposes cuts to discretionary and mandatory spending that woul
that's the deficit. the accumulated annual deficits or shortfalls plus interest make up the national debt. that's more than $16 trillion today. the debt had run up under republican and democratic presidents and congresses. both have had opportunities to tackle it, but it's never politically palatable. president obama formed this simpson/bowles commission, headed by simpson and erskin bowles to cut the debt by $4 trillion over 10 years. critics say president obama has all but ignored it....
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taxes, spending, deficits, gun control, immigration. a lot to do and not a great environment to get it done. but with us now, two men who may not have to worry too much about that, but who may give us great insights if possible to get great things done. barney frank, the former democratic congressman from massachusetts and steve latourette, republican from ohio. first to you, congressman, as the democrat, what does the president have to do differently in the second term to have a more cooperative, working environment. to you, sir, what does the republican party need to do to try to get some things done? >> i have to differ with the preface, john. >> i thought you might. >> barack obama -- look, this notion that partisanship has taken over. it began when barack obama became president. i was chairman of the financial service committee of 2007 in the bush administration and i worked very closely with hank paulson, secretary of the treasury. we worked on putting fannie mae and freddie mac to stop the lawsuits. george bush went to harry reid
taxes, spending, deficits, gun control, immigration. a lot to do and not a great environment to get it done. but with us now, two men who may not have to worry too much about that, but who may give us great insights if possible to get great things done. barney frank, the former democratic congressman from massachusetts and steve latourette, republican from ohio. first to you, congressman, as the democrat, what does the president have to do differently in the second term to have a more...